Orient Bell promoter Mahendra K. Daga has submitted a revised disclosure under SEBI regulations, correcting shareholding figures from his recent equity share acquisition. The correction was filed on February 4, 2026, addressing inadvertent errors in the original disclosure submitted on February 2, 2026.

Correction Details

The revised disclosure corrects the shareholding figures related to Daga's purchase of 250 equity shares through open market on January 30, 2026. The original filing contained incorrect shareholding numbers that required rectification under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

Updated Shareholding Pattern

Following the correction, Daga's revised shareholding pattern shows his total holding increased from 30,44,808 shares to 30,45,058 shares. The percentage shareholding reflects a marginal increase while maintaining substantial promoter stake in the company.

Company Capital Structure

Orient Bell Limited's equity share capital remains unchanged at 14,71,04,760 shares before and after the transaction. The company's total diluted share capital, including convertible securities, stands at 14,76,34,760 shares.

Regulatory Compliance

The revised disclosure demonstrates adherence to SEBI transparency requirements for promoter transactions. Orient Bell Limited is listed on both National Stock Exchange of India Limited and BSE Limited, necessitating accurate reporting of substantial acquisitions by promoter group members.

Mahendra K. Daga, with registered address at D1/6, Vasant Vihar, New Delhi-110057, confirmed his promoter group status in the filing. The correction ensures proper regulatory compliance while maintaining transparency in promoter shareholding changes.

Orient Bell Limited reported encouraging financial results for Q3 FY26, demonstrating the effectiveness of its strategic focus on premiumization and operational efficiency. The company's disciplined approach during challenging market conditions has begun yielding positive outcomes across key financial metrics.

Financial Performance Highlights

The company delivered solid growth in the third quarter, with revenue increasing by 3.4% year-on-year. This growth was entirely volume-driven, marking a positive shift from previous quarters. The nine-month revenue for FY26 reached INR474 crores, representing a 1.1% increase from the corresponding period last year.

Operational Efficiency and Margin Expansion

The company's focus on operational excellence has delivered tangible results. Manufacturing costs decreased by 4.5% on a like-for-like basis after normalizing for product mix and energy prices. Gross margins continue to rank among the industry's strongest, consistently maintaining levels in the mid to high 30s range.

Capacity utilization remained stable at approximately 65%, similar to the previous quarter. The company operates with a total capacity of 42-43 million square meters including its associate company, providing sufficient headroom for future growth without major capital investments.

Product Mix and Market Strategy

Orient Bell's strategic shift toward premium products has shown positive results. The vitrified segment now accounts for 61% of total sales, with GVT (Glazed Vitrified Tiles) alone contributing 44% of sales during Q3. This represents a significant improvement from 13% five years ago, bringing the company on par with industry leaders.

The company's OBTB (Orient Bell Tile Boutiques) network continues to be central to its strategy, contributing over 42% of total sales. Management has shifted focus from quantity to quality, emphasizing the renovation and expansion of existing outlets rather than aggressive new additions.

Strong Balance Sheet Position

Orient Bell has achieved a virtually debt-free status with net debt of just INR0.1 crores, reflecting strong cash flow generation and effective working capital management. The working capital cycle remains healthy at 31 days, consistent with December 2024 levels. This strong financial position provides significant flexibility for future growth initiatives and value creation.

Market Outlook and Growth Drivers

Management expressed optimism about industry recovery, citing several positive indicators. Early-stage construction products like cement and steel performed well in Q2 and are expected to continue strong performance in Q3. Industry exports are estimated to grow by 8% for the eight months of FY26, which should help divert domestic capacity to international markets.

The company expects minimal new capacity additions in 2026, with only 8-10 new plants anticipated. This supply-side constraint, combined with improving demand indicators, should create a favorable environment for industry growth.

Strategic Initiatives and Future Focus

Orient Bell continues to invest in brand building through consistent television advertising across Hindi, Kannada, Bengali, and Marathi channels for three consecutive quarters. The company has also expanded its digital capabilities, with over 500 dealers now using its visualization tools.

For FY27, the company plans to increase marketing spend, particularly in television advertising, while expanding distribution networks. The focus will remain on market building and brand awareness rather than capacity expansion, given the adequate spare capacity available for the next 2-3 years.